The morning news. [volume] (Savannah, Ga.) 1887-1900, 1887-06-14
COFFEE HAS A TUMBLE.
AND MANY BROKERS TUMBLE
DOWN WITH 1T.

NEW hohh, June ln,-l ne opening or the
Coffee Exchange this morning was the most
excited in its history. In the limited space
allowed for the clerks and customers i'll the
exchange, at the junction of Pearl and
Beaver streets there was an excited throng,
anxious to reach the brokers with orders, or
receive from them the result of orders
already, while around the ring almost every
broker outside Of the bear clique had orders
HISTORY OF THE CLIQUE.
The buying orders to-day generally came
from Gruner and CroSsman g. Co. These
firms represented the clique which first
started the boom in coffee, about eighteen
months ago, and caused it to advance from
&c. to 1Sc. pound. At the latter figure, a
number of the Rio Janlero operators, called
the Brazilian party, who had been hears on
the market all the way up TO lSc., changed
their position and became buyers, and car
ried the price above gle, which figure il
crossed about two weeks ago. They are
now said to be loaded heavily, one house
being reported to hold 100000 bags for their
account. The Gruner-C Crossman party, on
the other hand, who were buyers to-day,
are credited with unloading on the Brazil
ians around the highest figure.
FAILURES ANNOUNCED.
Tho failure of Mool-o,- g, S,,au ,,,,o,,,i
rer+ ooffa, hroir.,,., ~ w -. s4.a't'
nounced tbis afta,noo, NJ Sn,aJi of this
e., fnT,e,.I,t ,itt Il Va o,,.o ia
noffao f,, ~ Sn,ail r. e. r., Yiti bn'Ieas ~
in Ne,y Vori, RaIti,,no S,h;oa,r ~ NJ,
Orleans. The next failure was that of b. g.
Arnold a. Co, The failure of Arnold a. Co.
is supposed 10 have been caused chiefly by
the inability of the Rio houses TO remit mar
Shr SShn,,a a. ono 600 "a NJ VI. I' ~
said 70 ha lo,,,,;i ;V-,I,,aS M 1iaIaiIitiaS
of Moclya,r e. sail a,.o as+in,atod ~ f,o,,,
St50 9o6 ~ soon 400 "' ''''''o''N "V ~ ''i
Vio0''V' " "''V'V'''
TRYING TO SUSTAIN THE PRICE.
Messrs Gruner, Joseph j. ODonoghue
and other strong houses bought largely at
the bottom prices so as TO sustain the mar
ket and make the losses as small as possible
December advanced from 1880 to 16.75
STAND. FROM UNDER.
Mora failures arc axnac,ad heforo tho
time IN Jenos;t marorips exnires p r.
Arnold uas fhe orioinafor of tba CofYea Ey
channra and its f.st pras;dant Ua ,,,ao
fo,.merIy ~ the Arm ~ A,.noid s,tnre,,S 3,
Co the largest coffee house in the United
States Another failure is that of Norton.
Weyl g. Bevan.
BULLS PAYIc-sTRIcKEN.
The brol,ers acting for hull o,erato,,s no
canoe manic >str;cIren and rushed 10 seII with
ont REGARD 70 nrice The bnIls bIame the
G,,po,' 'Cross,,,a,, S,,ndicate for s.artine, tho
dacI;na yyhicb c,,l,1inated in tha nanic9 hut
tbe hear sHndicata strained every narya 70
cbecE tha fall without snccass II fact the
svndicate brokers were onIvr buvers at tbe
ononina ,,hicb ,,,oS at ~. yar ,,Jo,,nd o,,ar
1r balo1 Satnrda,,,s ,,rica and aitbnro,b n
roiIy was cansod hy t6a hears snn,ortine or,
de,s the rumore of trouhla ana tha con-
tinnad seIiins- causad thor, 70 st,n bn,yino
and ioin tha Rulls in unloading All tbr9ngR
tbe foraroon tba selling was ecouroIed VIII
the widest scenes ever witnessed. and in
all the offices there were knots of
brokers gathered discussing the prospects Of
recovery. In the afternoon there was some
hope of rally, but the heavy selling con-
tinued, and soon the price fell off in heavy
fluctuations to 15c. pound. This decline
was accompanied by the notice of the sus-
pension of three firms-B. G. Arnold & CO.,
Norton, Weyl q Bevan and Mckay q
oInan. AFTER the announcement y. Oh ulose se
IalIuieS an olguiil1eo eiioI1 was ilaI1 y; 70
SUSTAIN Che Inarkeb, ana Cney succaedeo III
causing raily OIL lc' al arouho'
THE CLIQUES LEADER FAILS.
The failure of Arnold & Co attracted the
most attention, but il was generally antici-
pated The senior member of the firm was
caught in 1889 by the collapse of one OF the
largest deals ever attempted and was com
PEELED to supend for over 81 100000. He
started again, however, and was successful
in all his ventures. On Aug. ] last he
formed partnership with his son, and
since then they have done a strictly com
mission business. He ascribes the failure to
the fact that his customers were 50 far away
that it was impossible to reach them in time
to obtain margin to meet the decline. He
could make no statement of his liabilities,
and said he could not say anything about
the chances of his resuming.
THE DECLINE.
rbo ov.ro,oo decline for tho mast ,vvo
weeks is from SIP 80 two weeks ago to 15c.
to-day or over 6Ac. per pound.
There was some talk OF trouble III bank
ing circles as the result OF the panic, but as
the banks only loaned 30 per cent on the
market value Of coffee, II Is hard to see how
any OF them could have been involved.
GOSSIP ON THE STREET.
McKay &, Small one of tho SUSPENDED
e,.n,s aro s,nnosad 10 have fiahilities of
S.,no 1oo Tho iobiIi.ies ~ the other firm
oroV,UiI o.o email 'Nortor WeyI e. Revan saw their
s,,s,,ension was due M The existin1 denresS-
io,, In nrices Mckay ~ small saw that
their stoppage IL in nowlse due
TO the fact OF Their being long
OF the market AS COMMISSION
men their transactions run botn ways, ana
they may be regarded as beng long ana
short at the same time, ana losing Doth